Financing Your Medical Education with a Canadian Bank Loan

STUDENT LINE OF CREDIT
National Bank of Canada offers students a credit line of up to $250,000 (plus additional amounts for students in residencies and fellowships) at a variable rate of Prime with no account handling charges.

General Program Elements:
This is a flexible lending solution that allows you to craft your own financial package, including the ability to:

1. Defer principal and interest payments on your line of credit while enrolled as a full-time student and up to 12 months following graduation (interest will continue to accrue on the outstanding balance).
2. Make interest and principal payments in accordance with your budget.
3. Draw funds from your account at any time up to the maximum annual amount.
4. Convert the line of credit to a standard loan with an amortization period of up to 15 years.

You also receive select complimentary services with your line of credit, including:

• Cheques and pre-authorized debits.
• Full range of electronic banking services.
• 200 free cheques annually.
• A National Bank Platinum Card.
• Access to a financial advisor to assist you with planning and developing annual budgets.

Application Process:

Contact the branch nearest your home and make an appointment. You will need to provide proof of full-time enrollment at Trinity (this can be a notice of registration or copy of fall schedule).

Additional Information:

Visit the NBC website for more information or call (514) 394-5555 or 1-888-4-TelNat and speak to a representative.

STUDENT LINE OF CREDIT

TD Canada Trust offers financial assistance via their Student Line of Credit. This program is customized to satisfy the individual needs of each student. TD Canada Trust does not maintain a centralized education funding team. They recommend students visit branch locations and discuss funding alternatives with the branch manager. Depending on credit worthiness and other factors, TD Canada Trust may modify normal program terms to better accommodate student needs.

Line of Credit can be used for expenses related to:

• Tuition
• Books
• Fees
• Living Expenses

General Program Elements:

1. Pay no monthly or annual fees.
2. Competitive interest rates (normally equal to TD Prime plus a variance rate).
3. Withdraw funds as the needs arise (up to your approved credit limit).
4. Pay interest-only monthly payments for up to 12 months after graduation.
5. Enjoy low monthly payments after the interest-only grace period.
6. Up to 20 years to repay.
7. May require an approved co-signer.
8. Access funds through:
   • EasyWeb internet banking
   • EasyLine telephone banking
   • Interac Direct Payment
   • Green Machine ABMs
   • Cheques
   • TD Canada Trust branch

Medical Students Only:

• No annual re-application
• Maximum Credit Line Value – $275,000
• May access up to $60,000 in Year 1 of study

Contact Options:

• Preferred Method: Visit your nearest TD Canada Trust Branch (More than 1,000 Branches Nationally)
• Call EasyLine at 1-866-222-3456 and speak to a representative.
• For additional information, visit the TD Canada Trust website.

Allow 7 business days from time of application for review, approval and, funding of line.

ROYAL CREDIT LINE® FOR STUDENTS – PROFESSIONAL DESIGNATION
RBC Canada offers students a credit line to fund their educational needs. They recommend students contact the bank by phone to complete the application process. RBC Canada encourages students attending international colleges or universities to contact them. The terms and structure of the program do not allow for customization. Students with an existing relationship with RBC may score higher on the overall credit evaluation.

Line of Credit can be used for expenses related to:

• Tuition
• Books
• Fees
• Living Expenses
• Travel

General Program Elements:

1. Pay no monthly or annual fees.
2. Competitive interest rate (RBC Prime + 1% Variable Rate).
3. Withdraw funds as the needs arise.
4. Pay interest-only monthly payments for up to 12 months after graduation.
5. Enjoy low monthly payments after the interest-only grace period.
6. Up to 20 years to repay.
7. Will require an approved co-signer.
8. Access funds through:
   • Internet banking
   • Royal Direct telephone banking
   • Cheques
   • RBC Royal Bank Personal Touch Automated Banking Machine
   • RBC Canada Branch

Medical Students Only:

• No annual re-application
• Maximum Credit Line Value – $275,000
• RBC Personal Banker will establish annual maximum available based on documentation of annual costs

Application Process – RBC Canada recommends that you complete the application process via telephone or internet. Students must provide:

1. Confirmation that you are enrolled at a post-secondary international educational institution and pursuing a medical degree.
2. An estimate of your education costs (including tuition, supplies, fees, accommodations, food, travel and other qualified expenses).
3. A list of your financial resources (including savings, bursaries, summer employment, etc.).
4. Allow 5 business days from time of application for review, approval, and funding of line.

Contact Options:

• Preferred Method: Call at 1-800-769-2511 and speak to a representative.
• Visit the RBC Canada website for more information.

Allow 5 business days from time of application for review, approval, and funding of line.

STUDENT LINE OF CREDIT
Bank of Montreal offers students a credit line to fund their educational needs. They recommend students contact the bank by phone and discuss their needs with the education lending team. Bank of Montreal encourages students attending international colleges or universities to contact them. The terms and structure of the program do allow for a modest amount of customization. Students with an existing relationship with BOM may experience more flexibility.

Line of Credit can be used for expenses related to:

• Tuition
• Books
• Fees
• Living Expenses
• Travel

General Program Elements:

1. Pay no monthly or annual fees.
2. Competitive interest rate (BOM Prime plus Variable Rate).
3. Withdraw funds as the needs arise to annual and lifetime maximum.
4. Repayment plan for Medical Student Line of Credit:
   • Make only monthly interest payments while you’re in school and during your residency (to a maximum of 7 years of residency).
   • In first year after completion of residency, choose one of three repayment options:
     1. Interest-only payments during the first year of residency followed by gradually escalating monthly payments of principal and interest.
     2. Gradually escalating monthly payments of principal and interest.
     3. Fixed monthly payments of principal and interest-based on an amortization of up to 15 years.
     4. Repay all of the outstanding balance at any time without penalty.
5. Will require an approved co-signer.
6. Access funds through:
   • Cheques
   • Automated Banking Machine
   • BMO Bank of Montreal Branch

Medical Students Only:

• No annual re-application
• Maximum Credit Line Value – $250,000 (may be negotiable depending on student and co-signer credit worthiness and proof of need)
• Disbursement
  • Annual Maximum: $75,000 (First 4 Years)
  • Annual Maximum: $15,000 (Residency)

Contact Options:

• Preferred Method: Email Kim Wolf or call Kim Wolf at (780) 408-0123.
• Visit the BOM website for more information.

Allow 5 business days from time of application for review, approval and funding of line.